Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following represents land-, labor-, and capital-intensive commodities, respectively? multiple choice 1 Automobiles, corn, and transistor radios Corn, clothing, and aircraft Clothing, aircraft,

Which of the following represents land-, labor-, and capital-intensive commodities, respectively? multiple choice 1 Automobiles, corn, and transistor radios Corn, clothing, and aircraft Clothing, aircraft, and automobiles Wheat, automobiles, and transistor radios b. Distinctions between land-, labor-, and capital-intensive commodities are important because multiple choice 2 when a country has an abundance of one type of resource, it usually does not have much of other resources. for every one unit of capital-intensive commodities, two of land and labor must be present. an abundant supply of one type of resource gives a country a comparative cost advantage in products using that resource. these commodities must be present for growth to occur. c. Distinctive products multiple choice 3 provide an export niche for a country. decrease production costs for a country. increase production costs for a country. are the basis for international trade and specialization

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations of Business

Authors: William M. Pride, Robert J. Hughes, Jack R. Kapoor

6th edition

1337386928, 9781337670975 , 978-1337386920

More Books

Students also viewed these Economics questions

Question

Describe Hobbess beliefs about human nature.

Answered: 1 week ago

Question

2. To store it and

Answered: 1 week ago